NBS Bank Plc and Malawi Prison Service (MPS) have signed a Memorandum of Understanding (MoU) that will see officers from the service accessing various services from the Bank conveniently.
Speaking on the MOU signing whose ceremony was held at Prison Offices in Zomba on Monday, NBS Bank Acting Cluster Manager Southern and Eastern Region Andrew Kambalame said the partnership is aimed at easing processes for the officers to access NBS Bank loans.
“It is about us offering loans with flexible terms to members of Malawi Prison Service where they will access better services with tailored solutions for them. The agreement will ease the process to access the loans, from application to the release of the funds to ensure they are spending less time for their financial transactions.”
“We are also offering financial literacy services to them. So, the officers will have an opportunity to have a financial advisory on what they can do with the finances or how best they can utilize their finances with NBS Bank,” said Kambalame.
He further indicated that the officers would be able to access the ‘Easy Civil Account’ which is for civil servants, Smart Finance which offers the officers a chance to access goods and services such as iron sheets, building materials, electronics, among others from particular companies that are in partnership with NBS Bank.
MPS Commissioner General, Masauko Wiscot commended NBS Bank for formalizing the partnership which he said has existed for a long time.
“We have been in partnership for a long time only that it was not formalized. NBS Bank has given out loans to our officers, but we missed this link where the partnership was supposed to be formalized.”
“This is a very significant step because our officers used to struggle to access Bank loans, but looking at the spectrum of services that NBS Bank is offering our officers, it will also offer them a chance to plan for their retirement. We have had problems with our officers retiring without proper homes.,” explained Wiscot.
The officers will also be able to access vehicle financing as well as mortgages from the Bank, according to the MoU.